Facing Foreclosure Know the facts and protect your rights

COLLEGE STATION (Real Estate Center) – Texas is experiencing its highest residential foreclosure rate since the late ’80s. All residential foreclosures are governed by strict statutory rules, and Real Estate Center attorney Judon Fambrough says homeowners in jeopardy should know these rules to protect their rights.

“For example, how many days’ notice must the homeowner be given to satisfy the amount in arrears before the entire amount of the unpaid loan may be declared due and owing?” Likewise, Fambrough said, “What are the qualifications, if any, of the person who conducts the foreclosure sale? How many times a year can a foreclosure sale occur, and on which day of the week, and during what hours?”